Business Incentive Rate (BIR) What it
is: Additional reduction on regulated electric costs by 30%-35% for a
term of five years When to apply: Within 30 days of
receiving a matching benefit Who is eligible: Businesses
that increase employees or take space in previously vacant commercial/industrial
buildings, move into newly constructed buildings, or meet other economic
development criteria and receive a matching benefit Which
agency: Administered jointly by New York City Economic Development
Corporation (EDC) and Con Edison To
apply
Commercial Expansion Program (CEP) What it
is: Rent abatement up to $2.50 per square foot When to
apply: Within 180 days of lease commencement Who is
eligible: Commercial and manufacturing businesses, retail business are
ineligible Which agency: New York City Department of Finance
(DOF) To apply
Con
Edison Central Air-Conditioning Program What it is:
A free high-tech programmable thermostat that will allow temperature adjustment
manually or remotely via the internet to efficiently manage energy usage. Con
Edison will also communicate with the thermostat to reduce demand on the
electric system When to apply: Prior to increase in electric
demand for air-conditioning to save money on energy costs Who is
eligible: Con Edison customers with peak demand less that 100kW using
air-conditioning Which agency: Con Edison To
apply: Complete Business Application
Con Edison Demand Response Programs What it
is: Con Ed offers financial incentives and technology to help manage
energy usage by administering electric load-reduction programs during peak
demand times When to apply: Prior to increase in electric
demand to save money on energy costs Who is eligible: Con
Edison customers who agree to participate in one of the
programs Which agency: Con Edison To
apply: Complete Demand Response Programs Application
Con Edison
Small Business Direct Installation Program What it
is: Con Ed will provide a free energy survey to identify how your
business could save money on lighting and energy for cooling the business and
heating water. Con Ed will install free energy efficiency measures such as
compact fluorescent lamps (CFLs) and more. Con Ed will also provide financial
rebates and savings up to 70% when you install high efficiency
measures When to apply: Prior to beginning a renovation
project to save money on energy costs Who is eligible: Con
Edison business customers with a monthly electric demand up to
100kW Which agency: Con Edison To apply:
Complete Business Inquiry Form
Energy Cost Savings Program (ECSP) What it
is: Up to 45% or 35% savings on regulated electric and natural gas
costs respectively. Also, a combined heat and power (CHP) credit up to 4.44
cents for each kilowatt-hour generated for cogeneration systems that meet the
"clean cogen" emissions standard of 0.3 lbs NOx per MWh When to
apply:If relocating: prior to signing lease/contract of sale;
or within 120 days of moving into a Special Eligible Premises If
renovating: Generally prior to issuance of building permit Who is
eligible: Manufacturing and commercial businesses, excluding retail
business and hotels Which agency: New York City Department
of Small Business Services (SBS) To apply: Click here Related Programs:BIR, Sales Tax Exemption for Manufacturers, Green Building Tax Credit Access NYSERDA for a broader portfolio of benefits
Environmental Investment Program (EIP) What
it is: Funding assistance for NYS business projects that result in
measurable environmental improvements that may be achieved through pollution
prevention, waste reduction, reuse, recycling or the development/deployment of
sustainable products and process technologies When to apply:
Prior to initiating project Who is eligible: Eligible
commercial businesses and not-for-profit organizations Which
agency: Empire State Development For additional
information:Program Guide To apply: Contact Antonio
Rodriguez, (212) 803-2283
Film Tax Credit What it
is: A New York State 30% refundable tax credit and a New York City 5%
refundable tax credit on production costs for quality feature films, episodic
television, pilots, and television movies/miniseries. There is also
a "Made in NY" Marketing Credit When to
apply: Applications must be submitted prior to the start of principal
and ongoing photography, but not more than 180 days prior to the start of
principal and ongoing photography Who is eligible:
Productions that complete at least 75% of their stage work on a qualified stage
in New York City or an eligible combination of stage and location
work Which agencies: The Mayor's Office of Film, Theatre and
Broadcasting; New York State Governor's Office for Motion Picture and Television
Development To apply Click
here for additional NYS incentives
Foreign Trade Zones What it is: A
government-designated, restricted-access site that allows foreign and domestic
merchandise to be admitted for storage, assembly, processing and manufacture,
while reducing or eliminating duty on imports, exports, damaged goods and
scraps When to apply: Generally application must be approved
prior to entering zone Who is eligible: Companies
importing/exporting merchandise Which agency: New York City
Economic Development Corporation (EDC) For additional
information:NYC Foreign Trade Bulletin To apply:
Contact Patricia Ornst, (212) 312-3600 or patricia.ornst@nycedc.com
IDA Commercial Tax Incentives What it
is: Certain IDA tax benefits may be available to induce commercial
companies to undertake major capital investments that result in the creation,
relocation and retention of significant levels of jobs within New York City. The
terms and conditions pursuant to which these benefits are provided will be
evaluated on a case-by-case basis and tailored to meet the needs of both the
City and the recipient When to apply: Contact New York City
Economic Development Corporation (NYCEDC) staff to determine filing
schedule Who is eligible: Commercial
businesses Which agency: New York City Industrial
Development Agency (IDA) To apply
IDA Empowerment Zone Facilities Bond
Program What it is: Triple tax-exempt bonds issued
for businesses planning major capital investments within the Empowerment
Zone When to apply: Generally prior to entering into
facility lease, acquisition, or renovation contract Who is
eligible: Qualified New York City businesses within Zone including
developers of commercial, industrial or retail facilities Which
agency: New York City Industrial Development Agency
(IDA) For additional information: If you are located in
Upper Manhattan, please contact the Upper Manhattan Empowerment Zone Office If you are located
in the Bronx, please contact the Bronx Overall Economic Development Corporation
IDA Exempt Facilities Bond Program What it
is: Assistance for companies developing facilities on publicly-owned
docks and wharves or solid waste recycling facilities to use triple tax-exempt
bonds to finance construction, renovation, and equipping the
project When to apply: Generally prior to entering into
facility lease, acquisition, or renovation contract unless contingent upon
NYCIDA assistance Who is eligible: Private companies and
recycling companies must be evaluated on a case-by-case basis Which
agency: New York City Industrial Development Agency (IDA) To apply
IDA
Hudson Yards Program What it is: Financial
assistance for a Hudson Yards Commercial Project in the Hudson Yards Uniform Tax
Exemption Policy area When to apply: Generally prior to
entering into a contract for work or purchase agreement Who is
eligible: Commercial and retail companies Which
agency: New York City Industrial Development Agency (IDA) To
apply:Hudson Yards Commercial Construction Project Program
Application
IDA Industrial Incentive Program for
Developers What it is: Assistance for developers
seeking to acquire, construct or renovate facilities located within Empire Zones
or Empowerment Zones that will be leased by manufacturing, industrial, and
warehouse/distribution businesses When to apply: Generally
prior to entering into facility lease or renovation contract unless contingent
upon NYCIDA assistance Who is eligible: Manufacturing,
industrial, and warehouse/distribution businesses Which
agency: New York City Industrial Development Agency (IDA) To apply
IDA Manufacturing Facilities Bond
Program What it is: Assistance for manufacturers
seeking to acquire, construct, renovate or equip facilities When to
apply: Generally prior to entering into a contract for work or purchase
agreement Who is eligible: Manufacturing, industrial and
warehouse/distribution businesses Which agency: New York
City Industrial Development Agency (IDA) To apply
IDA Small Industry Incentive and Industrial Incentive
Programs What it is: Assistance for manufacturers,
distributors, warehouses and other industrial companies seeking to enter into
long-term lease agreements and plan to renovate space When to
apply: Generally prior to entering into a contract for work or purchase
agreement Who is eligible: Manufacturing, industrial,
warehouse/distribution businesses Which agency: New York
City Industrial Development Agency (IDA) To apply
Industrial and Commercial Abatement Program
(ICAP) What it is: Property tax abatement for
renovation or construction (successor to the ICIP program) When to
apply: Prior to building permit or renovation Who is
eligible: Industrial and commercial businesses. Various restrictions on
retail activity depending on location Which agency: New York
City Department of Finance (DOF) To apply for preliminary application To apply for final application
Industrial Effectiveness Program (IEP) What
it is: Grants up to $50,000 to small and medium sized manufacturers for
productivity improvement projects When to apply: Prior to
initiating project Who is eligible: Qualified
manufacturers Which agency: Empire State
Development To apply: Contact Isaac Joseph Elliston, (212)
803-2317
Linked Deposit Program What it is:
An economic development initiative to encourage and assist businesses to invest
in projects that will improve productivity and competitiveness. Eligible
businesses can obtain commercial loans through participating lenders at an
interest rate that is two (2) or three (3) percentage points lower than
prevailing rates. Lenders are compensated with a deposit of State funds at
comparably reduced rates When to apply: Prior to initiating
project Who is eligible: Manufacturing and commercial
businesses. Personal and professional service businesses are not
eligible Which agency: Empire State
Development To apply:Application, List of
Participating Lenders
Lower Manhattan Energy Program (LMEP) What
it is: Up to 45% reduction on regulated electric costs for commercial
tenants and common space in qualified buildings within Lower
Manhattan When to apply: The building applies prior to
issuance of building permit for renovation Who is eligible:
Qualified building owner and their commercial office tenants (non-retail) Click here to see which buildings already
receive LMEP benefits Which agency: NYC Dept. of Small
Business Services (SBS) For pre-screening: Call 311 and ask
for Department of Small Business Services, Business Incentives Unit to
pre-screen for eligibility
Lower Manhattan Sales and Use Tax
Exemption What it is: An exemption on NYS
and NYC sales tax on goods purchased for build-out only for eligible tenants
signing a new or renewal lease of 10 years or more south of Frankfort and Murray
Streets. Expenditures for build-out, furnishing and
equipping of eligible tenants leased space is exempt from sales
tax at the World Trade Center site, World Financial Center and Battery
Park City When to apply: Exemptions apply
to goods purchased during the first year of tenant's lease. One
must have a valid Certificate of Authority (DTF-17) and required to file form ST-121. To reclaim exemptions on sales taxes paid within the
last three years use form AU-11 Who is eligible: Tenants
and subtenants leasing commercial office space for a term of 10 years or more
within the eligible areas Which agency: New York
State Department of Taxation and Finance Apply
here:DTF-17 Instructions, DTF-17 Form, ST-121 Form, and AU-11 Form Sales Tax Savings
Lower Manhattan
WTC Rent Reduction Program What it is:
Provides: 1) $5 psf rent reduction for eligible tenants leasing the first
750,000 sf of commercial space at the Freedom Tower and other WTC sites; and 2)
$3.80 psf reduction for eligible tenants leasing the first 750,000 sf of
commercial space at 7 World Trade Center has been fully funded When
to apply: Within three months of executing qualifying
lease Which agency: Empire State Development
(ESD) Apply here:Guidelines and Application
Manufacturing Assistance Program (MAP) What
it is: Grants up to $1 million to manufacturers employing 50-1,000
people, exporting 30% of production out of the region and investing $1 million
in eligible project When to apply: Prior to initiating
project Who is eligible: Qualified
manufacturers Which agency: Empire State
Development To apply: Contact Joseph Tazewell, (212)
803-3614
NYC Capital Access What it is: A
streamlined method to obtain loans and lines of credit up to $250,000 for
working capital, leasehold improvements, equipment purchases, and some
consideration for start-up loans When to apply: Prior to
investment or initiating project Who is eligible: Retailers,
manufacturers, wholesalers, non-profit organizations, contractors, and
distributors located and doing business in New York City Which
agency: NYC Economic Development Corporation To
apply: Access participating lenders NYC Capital Access Program Brochure
NYC Green Roof Tax Abatement What it
is: A one-time property tax abatement equal to $4.50 per square foot up
to $100,000 (no greater than the tax liability of the building for one year) for
green roof installations that cover at least 50% of the roof and meet certain
criteria (vegetation depth, waterproofing requirements, etc.) When to
apply: Application must be received by March 15th in order for a
property tax abatement to take effect on July 1st of the same calendar
year Who is eligible: Property owners who have installed a
green roof meeting the criteria required after August 5, 2008 Which
agency: NYC Department of Buildings To apply:Green
Roof Property Tax Abatement Application Additional
information:Green Roof Legislation
NYC Solar Panel Tax Abatement What it
is: A property tax abatement up to $250,000 for solar electric
generating system installations on buildings. The abatement equals 8 3/4% of
installed costs up to $62,500 for installations completed in 2009 - 2011 and
drops to 5% for installed costs up to $62,500 for installations completed in
2012 - 2013; taken in equal parts over four years and not to exceed the annual
property tax liability When to apply: Application must be
received by March 15th in order for a property tax abatement to take effect on
July 1st of the same calendar year Who is eligible: Property
owners who have installed a solar electric generating system after August 5,
2008 Which agency: NYC Department of Buildings To
apply:Solar Panel Tax Abatement Application Additional
information:Solar Panel Legislation
National Grid Economic Development Gas Rate
(EDGAR) What it is: A reduced natural gas rate
designed to encourage and support economic development activity in areas of
Brooklyn, Queens and Staten Island. EDGAR offers an Area Development Rate (ADR),
a five year discounted rate, saving up to 35% annually on the transportation
charges; or the Business Incentive Rate (BIR), a 15 year discounted rate, saving
up to 50% annually on the transportation charges When to
apply: Prior to renovation or within 30 days of receiving matching
benefit Who is eligible: ADR - Businesses that move or
expand within the area development territory and meet minimum consumption
criteria. BIR - Businesses that move into newly constructed or a previously
vacant facility within the territory and receives another economic development
incentive, increase usage by 15%, and located within an Empire
Zone Which agency: National Grid Applyhere!
National Grid Economic Development Cinderella
Programs What it is: A corporate program that awards
grants to renovate the facades of residential buildings, commercials buildings,
and store fronts When to apply: Prior to initiating
project Who is eligible: Projects that incorporate natural
gas technologies, located within the territory, and must be completed within one
year from application submittal Which agency: National
Grid To apply:Cinderella Program or Green Cinderella Program
NYSERDA's Technical Assistance Programs What it is: New York State sponsored programs which provide
low-cost or cost-shared, energy audits, technical feasibility studies and a
variety of technical assistance services to help identify and implement cost
effective energy efficiency measures for a business' operation
facility When to apply: Prior to initiating a construction
or renovation project Who is eligible: Certified customers
of Con Edison of New York Which agency: New York State
Energy Research and Development Authority
(NYSERDA) Programs:FlexTech, Technical Assistance, Energy Audit
NYSERDA's New Construction Program
(NCP) What it is: A New York State sponsored program
which promotes the energy-efficiency measures into the design, construction, and
operation of new and renovated buildings When to apply:
Applications accepted through December 31, 2009 Who is
eligible: Certified customers of Con Edison of New
York Which agency: New York State Energy Research and
Development Authority (NYSERDA)
New York State Green Building Tax
Credit What it is: A New York State tax credit
available to owners and tenants of eligible buildings and tenant spaces which
meet certain "green" standards that increase energy efficiency, improve indoor
air quality, and reduce the environmental impacts of large commercial and
residential buildings in New York State When to apply:
Within the tax year of investment Who is eligible: All
Building Property Owners and tenants making qualified “green investments” into
the property Which agency: New York State Department of
Environmental Conservation (DEC) To apply:Instructions and Form
New York
State Trade Adjustment Assistance Center (NYS TAAC) What it
is: A cost sharing grant to assist manufacturers in funding projects
that improve their competitive position When to apply:
Applications can be made at any time Who is eligible:
Manufacturers whose employment and sales have been negatively impacted by import
competition Which agency: U.S. Department of Commerce Preliminary Information
Form Funding
Approval Process Contact: Gary S. Youmans, (212)
921-1662
Qualified Emerging Technology Company (QETC) Capital Tax
Credit What it is: A New York State capital tax
credit designed to encourage investment in emerging technology
companies When to apply: The tax year of the qualified
investment made in a New York State certified qualified emerging technology
company Who is eligible: A New York State taxpayer that
makes a qualified investment in a New York State certified qualified emerging
technology company Which agency: New York State Department
of Taxation and Finance To apply:Instructions and Form To be QETC Certified: Instructions and Form
Qualified Emerging Technology Company (QETC) Employment
Credit What it is: A New York State employment
credit designed to encourage the creation of jobs by emerging technology
companies When to apply: Within the tax year of investment.
The credit can also be claimed for three consecutive years Who is
eligible: A qualified technology company subject to tax under Article
9-A of the Tax Law and demonstrates employment growth Which
agency: New York State Department of Taxation and Finance To
apply for credit: Instructions and Form
Qualified Emerging Technology Company (QETC) for Facilities,
Operations, and Training Credit What it is: A New
York State tax credit to qualified emerging technology companies, up to $250,000
annually for at least four (4) years, for research and development, qualified
research expenses, and high technology training When to
apply: Generally claimed for the tax year when the eligible expenses
were incurred. The benefits can be claimed for four (4) consecutive years (five
years if relocating from an academic incubator facility) and is fully
refundable Who is eligible: A qualified technology company
subject to tax under Article 9-A or Article 22, have 100 full-time employees or
less, with at least 75% employed in New York State, have ratio of research and
development funds to net sales which equals or exceeds 6%, and have gross
revenues less than $20 million for the preceding year Which
agency: New York State Department of Taxation and Finance To
apply:Instructions and Form Related Links:BioNY/QETC; NYSTAR
Incentives
Relocation and Employment Assistance Program
(REAP) What it is: Relocation tax credit up to
$3,000 per employee for 12 years When to apply: Annually for
12 years Who is eligible: Commercial/industrial businesses
excluding retail and hotels relocating into targeted areas of the
city Which agency: New York City Department of Finance
(DOF) To apply
Sales Tax Exemption for Manufacturers What
it is: Tax credit on NYC and NYS sale taxes paid on energy used in
production When to apply: During year energy used and
retroactive for three years, must have a valid Certificate of Authority (DTF-17) and required to file form ST-121. To reclaim exemptions on sales taxes paid for three
years use form AU-11 Who is eligible: Manufacturing
businesses Which agency: New York State Department of
Taxation and Finance Apply here:DTF-17 Instructions, DTF-17 Form, ST-121 Form, and AU-11 Form
Section 179 Deduction What it is: A
Federal tax expense deduction allowing qualified businesses to accelerate
depreciation for eligible equipment and other qualifying property purchased for
business use When to apply: Within the tax year the property
was placed into service (which may include a carryover from a previous
year) Who is eligible: Business enterprises making qualified
purchases of equipment and property Which agency: US
Department of Treasury, Internal Revenue Service Applyhere:2009 Instructions for Form 4562, 2009 Form
4562
Small Business Administration (SBA) 504 Loan
Program What it is: Provides businesses with
long-term, fixed-rate loans for fixed assets, such as land and building. The SBA
works with Certified Development Companies (CDCs) and private lenders to
provide the loans to small businesses. The private lender takes a senior
position for up to 50% of the project cost, the CDC takes a
junior position for up to 40% of the cost, and the borrower
takes 10%. The maximum SBA portion is $1.5 million when meeting
job or other development goals and can increase up to $2 million if approved by
the SBA. A business must create or retain one job for every $50,000 provided by
the SBA. "Small Manufacturers" have a $100,000 job creation/retention
goal. When to apply: Prior to initiating
project Who is eligible: A business must be for-profit and
meet SBA size requirements. Under the program, a business qualifies as small if:
1) it's net worth does not exceed $7.5 million; and 2) it's average net income
does not exceed $2.5 million after taxes for the preceding two
years Which agency: Small Business Administration (SBA)
Lenders SBA has recently eliminated certain fees for the 504 Loan
Program Click here to learn more about the American Recovery and
Reinvestment Act of 2009 Highlights of SBA & Federal Tax
changes For more information:Regional SBA Program Office Example of how it works
with other programs:proforma
Small Business Administration (SBA) 7(a) Loan
Program What it is: All 7(a) loans are provided by
participating lenders who receive a guarantee from SBA on a portion of the loan.
The SBA does not fully guarantee 7(a) loans. The risk is shared between the
lender and SBA. Commercial lenders make and administer the loan and the business
applies to the lender for financing. Under this program, the borrower remains
obligated for the full amount due. The SBA offers a variety of 7(a) financing
vehicles including the Patriot Express, SBA Express and Community Expess Programs, each with its specific eligibility
criteria. When to apply: Prior to investment, purchase or
initiating project Who is eligible: Eligibility criteria are
designed to be broad to accommodate a diverse range of business needs. Must be a
for-profit business, meet SBA size standards, demonstrate ability to repay and
not have existing internal resources of financing. Which
agency: Small Business Administration (SBA) Lenders The
government now guarantees SBA's 7(a) Loan Program up to 90% and has eliminated
certain fees Click here to learn more about the American Recovery and
Reinvestment Act of 2009 Highlights of SBA & Federal Tax changes For more
information:Regional SBA Program Office Example of how it works
with other programs:proforma
Visit NYC Industrial Business Solutions if you operate an industrial or manufacturing business. Get the license, permit, tax, incentive information and applications you need to start your business with NYC Business Express
National Grid Economic Development Cinderella
Programs
